Archive for July, 2011
According to the latest Gallup Poll.
Seventy-three percent of Americans in Gallup Daily tracking over the July 22-24 weekend say the U.S. economy is getting worse. This is up 11 percentage points from the three days ending July 6, and the worst level for this measure since the three days ending March 12, 2009.
Gallup tracks consumer perceptions of the U.S. economy daily and reports the results in three-day rolling, weekly, and monthly averages. More Americans have been saying the U.S. economy is getting worse throughout June and early July than said this over most of the previous five months. However, the number of Americans feeling this way has risen further over the last few weeks.
It is going to be a POX on both political parties, if the POLS don’t take active measures to increase jobs and economic growth.
The president, the Treasury secretary, and congressional leaders worried openly over the weekend about what might happen in the international financial markets if a debt-ceiling increase agreement wasn’t reached. They feared trouble in the Asian money markets when they opened on Sunday night and on Wall Street on Monday morning. Although there were some losses in the money markets after a debt ceiling deal failed to materialize, these were far less than might have been expected — particularly in light of what government leaders were saying.
Still, Gallup’s data show that Americans’ perceptions of the future of the U.S. economy should be the real concern for policymakers and the overall economy. All of the talk about default likely has weighed on consumer confidence, as has the dismal jobs market, increasing gas prices, and the economic soft patch.
It may be that once the debt ceiling battle is resolved, economic confidence will return. In the interim, however, it appears consumer psychology is continuing to deteriorate rapidly. The Conference Board is likely to pick up on this when it reports its Consumer Confidence Index later this week. It is also likely to be reflected in an anemic back-to-school sales season in the weeks ahead.
I would not want to be an incumbent member of Congress, if the economy deteriorates any further. And, the President, if trends do not change, he is a one termer.
Tags: American Economy, Polling
Comments Off
Today the California State Board of Equalization will meet at 10 AM.
The state Board of Equalization will start to tackle how to implement a new law requiring major online retailers to collect sales tax on purchases made by Californians at its Sacramento meeting today.
But any solution for applying the so-called “Amazon Tax,” which was approved last month as part of the budget package backed by Democratic lawmakers, could be short lived. Opponents of the change have filed referendum papers to ask voters to overturn ABX1 28 in the next statewide election, a move that could pull the plug on the plan to generate revenue much sooner than 2012.
A Legislative Counsel opinion sought by Sen. Joel Anderson, R-Alpine, concluded that the law would be suspended once the challenge qualifies for the ballot, even though the majority-vote measure took effect immediately as a result of Proposition 25. That scenario would put the Amazon Tax on hold until the next statewide election, which will likely be held in June 2012.
The meeting will be webcast this morning here and the full agenda in Pdf format is here.
In the meantime, the signature gatherers are proceeding and the television ad mavens are busy.
Tags: Amazon Tax, Internet Sales Taxes
1 Comment »
Day By Day by Chris Muir
Chris, President Obama has NO PLAN and neither do the Congressional Democrats.
Why?
Because they want to continue to tax and spend – as their ideology dictates. An ideology which has bankrupted the USA.
There will be a debt limit deal between Speaker Boehner and Senate leaders. Then, Obama will whine and sign the deal as the “grand compromise.”
In the meantime, “The One” will continue to plummet in the polls.
Michele Bachmann has it RIGHT: A one term President.
Previous:
The Day By Day Archive Tags: American Debt Limit, Barack Obama, Day By Day, John Boehner
1 Comment »
Posted by Flap in Twitter
Comments Off
These are my links for July 25th from 20:38 to 21:24:
- How Governments Are Using Social Media for Better & for Worse – Social media has become a crucial part of how we interact with our friends, community and even run our cities. Governments are starting to take serious notice and incorporate social media into their own day-to-day actions.
Governments may not be early adopters but the proliferation of social in national media has ramped up its importance for governments around the world. While this initial stance kept politicians on the defensive, enough time has passed that individual politicians and even entire governments are starting to use social media to connect with their communities in new, open ways.
We’ve chosen a few examples to illustrate some of the many ways government is embracing social media. Have a read through some of these initiatives and let us know in the comments how your own government or political representative is putting social media to good use. The list is neither exhaustive nor does it try to summarize the entirety of a government’s social outreach. It is instead meant to start a conversation.
- Speaker John Boehner’s solution to the debt-ceiling standoff – A Republican aide aware of the discussions in the House e-mails me the contours of the debt deal the speaker of the House will proceed with:
Republicans insisted if the President wants his debt ceiling increase, the American people will require serious spending cuts and reforms. This two-step approach meets House Republicans’ criteria by (1) making spending cuts that are larger than any debt ceiling increase; (2) implementing spending caps to restrain future spending; and (3) advancing the cause of the Balanced Budget Amendment — without tax hikes on families and job creators. While this is not the House-passed “Cut, Cap, & Balance,” it is a package that reflects the principles of Cut, Cap, & Balance. Here is more information on the plan:
?Cuts That Exceed The Debt Hike. The framework would cut and cap discretionary spending immediately, saving $1.2 trillion over 10 years (subject to CBO confirmation), and raise the debt ceiling by less — up to $1 trillion.
?Caps To Control Future Spending. The framework imposes spending caps that would establish clear limits on future spending and serve as a barrier against government expansion while the economy grows. Failure to remain below these caps will trigger automatic across-the-board cuts (otherwise known as sequestration).
?Balanced Budget Amendment. The framework advances the cause of the Balanced Budget Amendment by requiring the House and Senate to vote on the measure after October 1, 2011 but before the end of the year, allowing the American people time to build sufficient support for this popular reform.
?Entitlement Reforms & Savings. The framework creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years. Each Chamber would consider the proposal of the Joint Committee on an up-or-down basis without any amendments. If the proposal is enacted, then the President would be authorized to request a debt limit increase of $1.6 trillion.
?No Tax Hikes. The framework included no tax hikes, a key principle that Republicans have been fighting for since day one.
Is this the same plan the Senate majority leader and Speaker of the House John Boehner (R-Ohio) presented to the White House? A House senior aide tells me, “The plan we are introducing is essentially the plan that McConnell, Boehner, and Reid agreed to and which Reid presented to President.” A Senate adviser confirms, “If there are any changes, they are minor.”
=======
Then what?
The House bill goes to the Senate and will pass with some changes.
Then, Obama can either sign it or let America go into default.
This is what the GOP should have done weeks ago instead of negotiationg with the primma dona who resides in the White House.
Tags: Boehner, Debt-Limit, Facebook, McConnell, Obama, Pinboard Links, Reid, Twitter
Comments Off
These are my links for July 25th from 18:48 to 19:01:
- Ron Paul thinks defaulting isn’t such a bad thing – Ron Paul, the conservative congressman from Texas, doesn't think the panic about raising the debt ceiling is as serious as some would have us believe. In fact he thinks it might be healhy for the nation in the long run.
The man affectionately known as "Dr. No" wrote an op-ed for Bloomberg on Friday titled "Default Now, or Suffer a More Expensive Crisis Later" in which he says that the U.S. defaulted three times in the 20th century and the world didn't end.
"Despite the defaults in 1934, 1968 and 1971, world markets have been only too willing to purchase Treasury debt and thereby fund the government’s deficit spending," wrote Paul, a GOP presidential hopeful.
"If these major defaults didn’t result in decreased investor appetite for U.S. obligations, I see no reason why defaulting on a small amount of debt this August would cause any major changes," the Republican argued.
Paul did acknowledge that losing the pristine AAA rating would hurt, but the longtime legislator said the pain would actually be good for a Congress that he thinks spends far too much.
"If the government defaults on its debt now, the consequences undoubtedly will be painful in the short term. The loss of its AAA rating will raise the cost of issuing new debt, but this is not altogether a bad thing. Higher borrowing costs will ensure that the government cannot continue the same old spending policies. Budgets will have to be brought into balance (as the cost of servicing debt will be so expensive as to preclude future debt financing of government operations), so hopefully, in the long term, the government will return to sound financial footing," wrote Paul, the father of "tea party"-backed Sen. Rand Paul.
- White House stokes debt-ceiling crisis – A Republican aide e-mails me: “The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan. A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”
If this is accurate the president is playing with fire. By halting a bipartisan deal he imperils the country’s finances and can rightly be accused of putting partisanship above all else. The ONLY reason to reject a short-term, two-step deal embraced by both the House and Senate is to avoid another approval-killing face-off for President Obama before the election. Next to pulling troops out of Afghanistan to fit the election calendar, this is the most irresponsible and shameful move of his presidency.
As for the House, why not pass the deal that Sen. Harry Reid agreed to, send it to the Senate and leave town? Enough already.
Tags: Debt-Limit, Obama, Paul, Pinboard Links
Comments Off
Looks like it, as per a new legal opinion from the Office of the Legislative Counsel.
Legislative lawyers believe that if a referendum on the new law requiring sales tax collection by online retailers qualifies for the ballot, the law will have to be put on hold until the voters have their say.If that opinion holds, it may raise the stakes for a budget written with an expectation of at least $200 million from the law in question.
“We are of the opinion that the operation of the statute would be suspended during that time period,” writes attorneys for the office of
the Legislative Counsel in a letter dated Friday to state Sen. Joel Anderson (R-San Diego).
Anderson apparently asked for a legal opinion on whether the law, contained in ABx 28, would be operable should the newly launched campaign to overturn it via referendum gather enough voter signatures.
The six page letter (PDF) tackles an issue raised a few times before, and several times since, voters approved Proposition 25 in November: whether a majority vote budget and its related “trailer” bills are subject to referendum.
But, I am positive that this will be litigated once the requisite signatures are gathered.
Which I do not surmise will be too long with Amazon.Com’s deep financial pockets. With the polling already showing a likelihood that the referendum will pass, Walmart, Target and the other brick and mortar retailers will want to keep Amazon’s feet to the fire – and in legal fees.
Some have suggested that the budget and any related bill which includes an “appropriation” could, under Prop 25, may be immune from the referendum. In part, the quandary is linked to the California Constitution’s exclusion of “urgency statutes” (which go into effect immediately and require a supermajority legislative vote) and those “providing for appropriations.” Until Prop 25 lowered the budget vote in the Legislature, both seemed to apply to state’s annual fiscal plan.
“Before Proposition 25,” the opinion letter states, “the referendum was applicable only to statutes that did not go into effect immediately.”
But now, write legislative attorneys, the budget can no longer be considered exempt from referendum because Prop 25 didn’t explicitly say so. And while the constitution doesn’t expressly put a statute on hold once a referendum has qualified for the ballot, Legislative Counsel says the courts have nonetheless operated on that assumption.
Tags: Amazon Tax, Internet Sales Taxes
Comments Off
|
Entries (RSS)